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Easily overlooked by businesses but rarely forgotten by the ATO, non-cash benefits have tax implications too.
Fringe benefits tax (FBT) is a tax that is levied on certain non-cash benefits provided by an employer to an employee or an employee's associate, such as a family member. In Australia, FBT is calculated on the taxable value of the benefit.
Because FBT is levied on non-cash benefits it may be easily overlooked by both employees and employers as it is not naturally included in payslips.
If FBT is not calculated and an FBT tax return not lodged for multiple years, businesses could accrue hefty tax debts which could be unexpected and diminish cash flow.
CTK Accounting helps both businesses and individuals in a range of FBT matters.
There are several types of benefits that may be subject to FBT, including car benefits, accommodation benefits, and entertainment benefits. The specific rules and exemptions that apply to FBT can be complex and vary depending on the type of benefit and the circumstances of the employee.
CTK Accounting ensures our clients FBT tax returns are lodged on-time and accurately.
William Koon
Franchise owner, Crust Pizza
Ed Bennet
Director, A1 Metal Roofing Pty Ltd.
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